Motorhome Lending Recommendations / Moho Seller Recommendations

BONES

BONES

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We found a used DP that we are possibly interested in buying and we’re looking for financing. Not sure if it will work out but I want to get ready for when I pull the trigger. I’m sure a large number of you guys can point me in the right direction. 

I was told because it’s older than 10 y/o that my credit union probably won’t want to lend on it. 
I was pointed towards lendingtree.com, anyone have anything good or bad to say about them? 

Any recommendations otherwise? 
 

thanks in advance. 

Also… I know a few of you, @matt86m for example (I remember his post before the GD great crash of 2021), bought moho’s from a specific seller off GD, maybe you guys could PM me his name and number? I appreciate it. 

 
Justin @blacktopsealcoat was his board name. A lot of credit unions will go 20 years on RVs. 

 
 
 
I don’t know about Lending Tree for RVs. I inquired with them on a home mortgage like 5 years ago and it was a waste of time. I think they are just a marketing front. I got little from them and what I did get wasn’t competing rates. 

 
Dockmaster said:
I don’t know about Lending Tree for RVs. I inquired with them on a home mortgage like 5 years ago and it was a waste of time. I think they are just a marketing front. I got little from them and what I did get wasn’t competing rates. 
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That’s almost how I feel as well. Entering my email was a mistake, I have been getting flooded with financial and credit score emails. 

 
if all else fails and you need a loan hit up offroad loans. Clay is great guy and will get you financed but their rates are on the higher end

 
Bank of the west us who we used on our current moho. Been looking for a newer model lately, and can only find loans for vehicles up to 2011 and newer. Good Sam has a few banks if your a member, if not it's only about 50.00 per year .

 
US Bank has the best rates with Bank of the West a close second... I just went thru all of this within the last month. I got 4.74% on a 2017 Tiffan

Good Luck

 
I used Discover and got a good rate on a HEL and bought my 20 year old coach 

When you get a DP you have to hold up you pinky when drinking and use the word "Coach" when referencing :lol:

 
Your biggest hurdle is your loan to value (LTV). Most banks will only finance "X" amount based on whole nada guide. 

If the coach is over 10 years old the average LTV  is about 80-90%  of base book. 

Also just a note....

700+ fico in a car dealership is most likely tier (1)

700+ fico at an RV dealership is a tier 6-7 depending on bank.

What happens a lot is, a private seller will have a person willing to purchase their used coach for said price... lets say $100K, the problem is the only going to loan 80-90% of wholesale with an average credit background. Meaning a big down payment for buyer. Not impossible but tougher to get the deal done.
 

 
Snap-On Chris said:
US Bank has the best rates with Bank of the West a close second... I just went thru all of this within the last month. I got 4.74% on a 2017 Tiffan

Good Luck
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US bank is usually pretty good to deal with. Thank you! 

Whipsandshyt said:
I used Discover and got a good rate on a HEL and bought my 20 year old coach 

When you get a DP you have to hold up you pinky when drinking and use the word "Coach" when referencing :lol:
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Oh I keep my pinky’s out always. 😂😜

And I need to get ahold of you and get some more whips. Getting ready early for desert season 🤘🏽

HEADINJURY said:
Your biggest hurdle is your loan to value (LTV). Most banks will only finance "X" amount based on whole nada guide. 

If the coach is over 10 years old the average LTV  is about 80-90%  of base book. 

Also just a note....

700+ fico in a car dealership is most likely tier (1)

700+ fico at an RV dealership is a tier 6-7 depending on bank.

What happens a lot is, a private seller will have a person willing to purchase their used coach for said price... lets say $100K, the problem is the only going to loan 80-90% of wholesale with an average credit background. Meaning a big down payment for buyer. Not impossible but tougher to get the deal done.
 
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Thank you, this is good info.

 
Just bought used discovery as well used I used USAA, they go over year make and model, the more factory upgrades the better. I only got 90% of NADA I had to come up with the rest. 
Also if you have USAA I was able to call in multiple times and add “up grades” to get the value up, I noticed some loan processors were more generous than other. 

 
Whipsandshyt said:
I used Discover and got a good rate on a HEL and bought my 20 year old coach 

When you get a DP you have to hold up you pinky when drinking and use the word "Coach" when referencing :lol:
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This!!! I keep calling it 'the trailer'

@BONES as LRS said, I bought it from Justin but he doesn't carry paper

 
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